NEWGATE FUNDING PLC - Irish Stock Exchange
NEWGATE FUNDING PLC - Irish Stock Exchange
NEWGATE FUNDING PLC - Irish Stock Exchange
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Level: 8 – From: 8 – Wednesday, December 19, 2007 – 9:31 pm – mac8 – 3894 Section 03 : 3894 Section 03<br />
Class A2b Notes shall be applied in the order set out in items (a) to (b) of the Series Pre-Acceleration<br />
Principal Priority of Payments) on any Distribution Date immediately succeeding a Determination Date on<br />
which all of the following conditions are met:<br />
(i)<br />
(ii)<br />
(iii)<br />
(iv)<br />
(v)<br />
(vi)<br />
the Trigger Ratio (as defined below) is satisfied;<br />
the aggregate of the Balances of all Loans in the Series Portfolio that are 90 days or more in<br />
arrears (including, for the avoidance of doubt, any Loans in that Series Portfolio in respect of<br />
which Enforcement Procedures have commenced and the Property in respect of that Loan has<br />
not been sold) on such Determination Date as a percentage of the aggregate Balances of all<br />
Loans in the Series Portfolio does not exceed 20% (or such greater percentage agreed between<br />
the Issuer and the Security Trustee and as notified by the Rating Agencies from time to time<br />
upon the basis that such increase will not adversely affect the then current rating of the Notes<br />
of the Series);<br />
the balance on the Series Principal Deficiency Sub-Ledgers is zero;<br />
the amount of the available Series Reserve Fund is not below the Series Reserve Fund Required<br />
Amount;<br />
the Liquidity Drawn Amount is zero; and<br />
the aggregate Principal Amount Outstanding of the Notes is more than 10% of the aggregate<br />
Principal Amount Outstanding of the Notes on the Issue Date.<br />
The Trigger Ratio shall be satisfied if X/Y (expressed as a percentage) is less than P/2Q (expressed as a<br />
percentage) where:<br />
X =<br />
Y =<br />
P =<br />
Q =<br />
the Principal Amount Outstanding of the Class A1 Notes and the Class A2b Notes on the<br />
Determination Date on which the Trigger Ratio is to be calculated.<br />
the Principal Amount Outstanding of the Class A3 Notes, the Class B Notes, the Class Cb Notes, the<br />
Class D Notes and the Class E Notes on the Determination Date on which the Trigger Ratio is to be<br />
calculated.<br />
the Principal Amount Outstanding of the Class A1 Notes and the Class A2b Notes on the Issue Date.<br />
the Principal Amount Outstanding of the Class A3 Notes, the Class B Notes, the Class Cb Notes, the<br />
Class D Notes and the Class E Notes on the Issue Date.<br />
Series Post-Acceleration Priority of Payments<br />
Following service of a Series Acceleration Notice, all moneys received or recovered by the Security Trustee<br />
(or a receiver appointed on its behalf) in respect of the Series or by the Series Cash Manager on behalf of<br />
the Security Trustee under the Security Deed (other than any collateral provided by the Series Interest Rate<br />
Cap Provider, the Series Interest Rate Swap Provider, the Series Spread Cap Provider or the Series Currency<br />
Swap Provider) will be applied following the enforcement of the security in respect of the Series in the<br />
following order of priority (the Series Post-Acceleration Priority of Payments) (in each case only if and<br />
to the extent that payments or provisions of a higher priority have been made in full):<br />
(a)<br />
first, in or towards satisfaction pro rata and pari passu according to the respective amounts thereof of:<br />
(i)<br />
the Series Pro Rata Amount in respect of any remuneration due and payable by the Issuer to<br />
the Security Trustee under the Security Deed, the Intercreditor Deed and the other Transaction<br />
Documents, and any costs, charges, liabilities and expenses incurred by the Security Trustee<br />
44